iShares Convertible Bond ... (ICVT)

ICVT trades at $101.78, 13.1% above the near-term max pain of $90 expiring Oct 17, 2025 (11 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($9-$93), signaling increased put positioning or downside protection. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for ICVT shows a downward trend from 93 to 9, indicating bearish sentiment or hedging activity. The 115% spread signals divergent expectations across timeframes. Most levels below 101.78 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.